Payday is one of the best days of the month! Never has your account looked so healthy before all those necessary bills come out. But do you find yourself wondering in the weeks leading up to your next paycheck, what you have spent your money on?
A new study from CV-Library, has revealed that the average Brit spends £205 a month on work-related expenses, including lunch, commuting and stationary. That’s equivalent to £2,460 a year!
“A study from job site CV-Library reveals the average Brit spends £205 a month on work-related expenses“
The survey of 1,000 workers sought to discover just how much the average professional spends on work-related expenses each year, and where their money is going. The data found that while the majority (80%) are careful to factor these expenses into their monthly budget, some cities are more expensive to work in than others. In fact, the most expensive cities to work in include:
London - £425 a month (equivalent to £5,100 a year)
Bristol - £360 a month (equivalent to £4,320 a year)
Brighton - £350 a month (equivalent to £4,200 a year)
Cardiff - £305 a month (equivalent to £2,660 a year)
Leeds – £294 a month (equivalent to £3,528 a year)
Liverpool - £270 a month (equivalent to £3,240 a year)
Edinburgh - £254 a month (equivalent to £3,048 a year)
Birmingham - £210 a month (equivalent to £2,520 a year)
Glasgow - £200 a month (equivalent to £2,400 a year)
Manchester - £170 a month (equivalent to £2,040 a year)
Lee Biggins, founder and managing director of CV-Library comments: “While we expect to invest a portion of our wages back into our everyday life, it’s concerning to learn just how much professionals across the nation are losing on work-related expenses. After all, we go to work to earn money – not spend it!
“As an employer, it can be tricky to draw the line between what you should and shouldn’t be funding. While there will always be some costs that are unavoidable for employees, it’s important that you’re not expecting them to fork out for basic necessities that your business should be providing.”
Professionals were asked to reveal the work-related costs they pay out each month. Unsurprisingly, commuting/travel topped the list (78.1%), followed by lunch (73.1%), morning coffee (25.5%), socialising with colleagues (17.1%) and stationary (13.1%). Interestingly, 70.5% of workers believe that employers should pay for some, if not all, work-related costs.
Biggins concludes: “It’s understandable that professionals want their employers to cover some of these costs, particularly when it comes to essentials such as travel and stationary. However, if you’re offering a competitive enough salary, this should cover a number of these expenses any way. So ensure that you’re providing staff with fair pay.
“It can also be helpful to offer money-saving benefits and perks that will support your employees in keeping the costs down. For example, you could offer discounts on travel or allow staff to work from home a few days a week to cut the costs of their commute.”
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CV-Library is one of the UK’s largest online job sites and attracts over 4.3 million unique job seekers every month. Founded by Lee Biggins in 2000, CV-Library is the UK’s leading independent online job board with a database of over 13 million CVs.